USAA has now successfully priced its latest catastrophe bond to secure it a reduced amount of protection after one tranche of notes from the Residential Reinsurance 2024 Limited (Series 2024-1) issuance were dropped, with the remaining two multi-year tranches now finalised and set to provide it with $125 million of annual aggregate multi-peril reinsurance.
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USAA has now lowered the target for its latest catastrophe bond to $125 million, as a zero-coupon tranche of notes from the Residential Reinsurance 2024 Limited (Series 2024-1) issuance have been dropped, while the other two multi-year tranches look set to price towards the lower-ends of guidance.
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USAA, the most prolific and consistent sponsor of catastrophe bonds, has returned for what will be the 43rd issuance we have listed from the company, seeking $175 million or more in aggregate multi-peril US reinsurance from the capital markets through a Residential Reinsurance 2024 Limited (Series 2024-1) issuance.
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